Aura Air, an Israeli air purification company currently listed on the Tel Aviv Stock Exchange, was bought out by the American air purification technology solutions and systems firm Moldekule for $10 million. This is considerably less than Aura Air’s one time valuation of as much as $45 million.
Under the terms of the Merger, Molekule has agreed to acquire Aura Air for a total purchase price of approximately 3,519,105 shares of Molekule common stock.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at firstname.lastname@example.org.
The Merger is expected to close early in the second half of 2023. While Aura Air will retain its technology development offices in Tel Aviv led by Eldar Shnaiderman, as Chief Technology Officer, several members of the Aura executive team will integrate into Molekule’s offices in the U.S., led by Aviad Shnaiderman, as General Manager of Global Commercial Sales.
Molekule was founded in 2014 to address the adverse impacts of polluted air. The company says that it came to fill a void in the market for purification, and with the goal of using the power of science to destroy indoor air pollution. A year later, Aeroclean was established with the mission to make every day safer, starting with the air we breathe. The two firms merged in 2023.
Founded by its CEO Aviad Shnaider and CTO Eldar Shnaider, Aura Air provides what it describes as an all-in-one indoor air purification and quality intelligence system. Aura boasts that this filters and disinfects indoor air through a unique 5 stage purification process while “vigilantly” monitoring its quality in real-time.
Aura Air’s award-winning patented smart air technology platform monitors and purifies the air in hospitals, schools, businesses, hotels, restaurants, buses, and nursing homes in more than 87 countries around the world. Its unique four-stage purification process is scientifically proven to capture and kill 99.9% of viruses, bacteria, germs, and allergens. With offices in Israel, India, and the United States. Aura’s clients and partners include leading global organizations such as Detroit Pistons, Florida Agricultural and Mechanical University, Delos, and the New Jersey Hospital Association.
“In just five years, we have achieved incredible success worldwide and our technology is installed in thousands of classrooms, hospitals, public transportation, hotels, and many more indoor spaces,” said Aura Air in a Facebook post.